What you need to know about the changing real-estate landscape.
• Foreign buyers tax: 20% on value of foreign-owned Vancouver, Nanaimo, Victoria, Fraser Valley and Kelowna homes.
• Empty homes tax: 1% on value of unoccupied Vancouver homes.
• Speculation tax: 2% on value of B.C. homes with out-of-province owners, in certain areas.
• B-20: federal “stress test” rule requiring mortgage applicants to afford plus-2% interest rates on payments.
• Enhanced disclosure: document from B.C. realtors clearly stating commissions.
• Dual agency: B.C. realtors can no longer represent both buyer and seller in the same transaction.”